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Home Business Deduction (Depreciation)

The last 2 years I have taken the simplified home deduction but this year I am itemizing. TT is asking for prior depreciation amounts and it auto generated an amount of 1346. When I look back on my 2022 tax return, there is nothing in that column for depreciation (I believe since I did the simplified method).

 

Should I just go with the amount that TT shows as the amount of prior? 

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1 Reply
ThomasM125
Expert Alumni

Home Business Deduction (Depreciation)

TurboTax will calculate the prior year depreciation amount based on the cost and date you put the home office into services. It is a simple calculation so it should be reliable.

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